# Gross External Position Adjustment Within Unions

| Sample | Dep. Var | Z_1_dev |  | N | Countries | R² |
|---|---|---|---|---|---|---|
| EMU | gross_assets_gdp | -2307.274 | (3445.495) | 399 | 18 | 0.290 |
| EMU | gross_liab_gdp | -2559.095 | (3422.224) | 399 | 18 | 0.329 |
| EMU | debt_assets_gdp | -1695.975** | (854.288) | 399 | 18 | 0.444 |
| EMU | debt_liab_gdp | -2198.747*** | (757.332) | 399 | 18 | 0.482 |
| EMU | port_eq_assets_gdp | -701.541 | (736.155) | 399 | 18 | 0.122 |
| EMU | fdi_assets_gdp | 1938.439 | (3750.804) | 399 | 18 | 0.118 |
| EMU | fdi_liab_gdp | 1279.200 | (2653.085) | 399 | 18 | 0.162 |
| EMU | fx_reserves_gdp | -13.531 | (15.424) | 399 | 18 | 0.046 |
| OECD_Float | gross_assets_gdp | -254.939 | (583.100) | 659 | 21 | -0.777 |
| OECD_Float | gross_liab_gdp | 69.983 | (655.665) | 659 | 21 | -0.276 |
| OECD_Float | debt_assets_gdp | -308.885 | (296.247) | 659 | 21 | -0.564 |
| OECD_Float | debt_liab_gdp | -84.831 | (463.437) | 659 | 21 | 0.190 |
| OECD_Float | port_eq_assets_gdp | 163.880 | (175.002) | 659 | 21 | -1.496 |
| OECD_Float | fdi_assets_gdp | -49.442 | (217.881) | 659 | 21 | -0.563 |
| OECD_Float | fdi_liab_gdp | 159.325 | (224.979) | 659 | 21 | -0.546 |
| OECD_Float | fx_reserves_gdp | -22.278 | (78.592) | 659 | 21 | -0.864 |

*Notes: PanelGLS with country and year FE. Z_dev = within-union demeaning (OECD floaters: within-group demeaning). Controls: fiscal balance, lagged NFA, growth, relative productivity, KAOPEN.*
*\*p<0.1, \*\*p<0.05, \*\*\*p<0.01*
